Market Commentary - Foreign Markets
Hong Kong Market rebounds after China industrial profits data As on : 27-May-24  16:00

Hong Kong share market finished session higher on Monday, 27 May 2024, as investor sentiment was lifted by China's April industrial profit data that showed a swing back to positive territory.

Profits at China's industrial firms rose 4.3% in the first four months (January to April) from the same period last year, according to National Bureau of Statistics (NBS) data. The jump followed a 4.3% increase in the first quarter. In April, profits rose 4%, after a 3.5% slide in March.

At closing bell, the benchmark Hang Seng Index surged 218.41 points, or 1.17%, to 18,827.35, rebounding from the previous week?s near 5% decline. The Hang Seng China Enterprises Index advanced 82.89 points, or 1.25%, to 6,688.13.

The sub-index of the Hang Seng tracking commerce & industry led the gains by jumping 1.5%, while the financial sector ended 0.86% higher, the property sector rose 0.12%, and the utilities sector added 0.08%.

Shares of Lenovo Group rallied 8.9% to HK$12.04 on brokerage houses pprice targets upgrade. Brokerage houses? including HSBC, DBS, CICC and CCBI ? raised their price targets for the personal-computer maker.

Chip maker Semiconductor Manufacturing International Corp climbed 7.4% to HK$16.48 after a US$48 billion semiconductor investment fund was set up backed by Chinese finance ministry and state-owned banks. The fund will focus on equity investment in the chip sector in Beijing?s latest effort to achieve self-sufficiency as the US seeks to restrict its growth.

China Evergrande New Energy Vehicle Group surged 86.9% to HK$0.71, as the stock resumed trading after being suspended over the past week.

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